How Banks Rip-Off Customers To Their Own Interest

With the increase in banks, most of us now have several choices to make based on interest rate. One thing I have come to understand with the central banking system is that there is a central way your bank removes money from your account thereby leaving you helpless.

Image credit budgettravel.com

High Bank fees/charges

In the real sense, banks are meant to be financial institutions that keep funds for individuals or organization but over a long period of time using banks, i realize that banks are just official scams trying to make money from every opportunity available.

If you just found a new bank with good interest rate, never be in a hurry to start banking with them as you do not know their fees. Banks tend to lure customers with high interest rate and not disclosing the fees accompanied with the account. You might be thinking you are having a great or fair deal with the high interest rate banks are bringing to your table but you might be paying more than you receive through fees without knowing.

Automated Teller Machine (ATM) Charges

This is one of the few ways banks take advantage of their customers. Do you know that ATM is one of the most convenient ways of banking that the bank has brought to their customer, yet it is very expensive. you might need some cash at the coffee store, mall, for transport and so on, ATM has made it easier for customers to get their funds without going to the bank. The ATM might be easy to access and can be accessed 24 hours a day but it cut into our funds through charges. Banks can charge customers for using ATM cards so as to generate income for them. Banks also have a monthly charge for you owning an ATM, is this not funny? It is called ATM maintenance fee.

Image credit independent.co.uk

Steps to Save Yourself From ATM Charges

• Try as much as possible to use your bank ATM, using other ATM Machines lead to charges
• Use your debit card to pay for goods in grocery stores, it saves you the charge the bank will charge your account.
• If you want to use your bank ATM, use it to withdraw enough funds for you not to go back in one or two days to use it.
• Do away with ATM and use transfers instead.

Alert Charges

Do you know that your bank charge you for alert charges? You are being charged to be updated on your financial status. You are being charged for every message sent to you by your bank, which includes a birthday wish from your bank to you. Banks do not charge for emails since it is automated and has been taking over by artificial intelligence but they charge for SMS into your phone. They send to you at a cheap price and debit you a large amount at the end of the month.

What You Should Do To SMS Charges

• Deactivate SMS alerts from your phone, tell your account officer that you prefer emails to SMS.
• If you have SMS alert and it is easier to access compare to mail, then reduce your transactions so you can have less SMS coming into your phone.